Should I Invest in Bitcoin and Is Crypto Currency Still Profitable for Nigerians?

When something is new, we always said it is still in the tech realm, and only those that are technologically geek can understand it. The fact is that, when bitcoin or cryptocurrency is mentioned in Nigeria, it no longer sound new to many people, even a smart kid will tell you he has heard about it though he may not actually know how it works. – in this context, I am letting you know that bitcoin has gained popularity in Nigeria.

In the past four years, bitcoin or let’s say cryptocurrencies generally are not seen as a viable investment because nobody knows it’s future; therefore, the technology was rejected, but this invest offer wouldn’t be turn down again in this era. Before we dive into the subject matter of this article (The viability of bitcoin in Nigeria), let me explain in one sentence the meaning of bitcoin. Bitcoin is digital money and not physical currency. That is the stigma in Nigeria when it comes to technology. People hardly believe in anything online money in Nigeria.

In Nigeria, when we hear anything about online or digital investment, the questions that pop in our head are; do they have a physical office? Are they trustworthy? How can I convert my money to Naira and cash out?  And other series of novice’s questions. Let me solve this dilemma in the mind of Nigerians by answering these questions.

Where is Bitcoin Physical office in Nigeria?

Bitcoin is a digital currency that cannot be seen or touch with your hand but can be transferred from one person to another. Just like the traditional currency (Naira), bitcoin can serve as a means of exchange, trade of goods, payment for an international transaction, and store of value as it is generally acceptable.

On like naira where you need to pass through the banking process to facilitate a transaction, and it will be recorded in their account book, you can transact anonymously with bitcoin at the comfort of your home. In this context, it means bitcoin is safe and secure.  When it comes to storing bitcoin in Nigeria, there are a lot of technologies that work. Blockchain and other foreign (Coinbase) and local exchange sites (like NairaEx.com and others) that works in Nigeria has stolen the thunder of the show when it comes to bitcoin transaction.  It is most of these companies that have a physical office you can visit and not bitcoin.

Are they trustworthy?

The right answer to this question is capital YES! However, cryptocurrencies are volatile. It means bitcoin price is liable to rapid change and has an unpredictable character. The price can suddenly go up or otherwise overnight like the value of public shares in the Nigeria Stock Market. Bitcoin is the future generation money you must invest in today to save the future of your unborn generation.

How can I convert my money to Naira and cash out in Nigeria?

The direct answer to this question is; go to nairaex.com your Nigeria local exchange website. Though there are a lot of trusted brands that offer cryptocurrency exchange in Nigeria, I am recommending this brand in my article because of the attestation to their credibility by many Nigerians. NairaEx is a cryptocurrency exchange platform that plays the intermediation role between bitcoin sellers and buyers in Nigeria. They give a fair exchange rate when trading fait and bitcoin or other cryptocurrencies. Their goal is to enable a secured and safe environment for cryptocurrency transactions.

If you have been worried about how to convert your bitcoin to Naira or buy bitcoin with naira, NairaEx.com is the best for such operation in Nigeria. A successful transaction is sure within a few steps. All it takes are; register and verify your ID, create your order, and you get funded within an average of fewer than 4 hours once your transaction is confirmed.

Conclusion

Conclusively, you can invest in bitcoin. Bitcoin is a great tool that can bring you more profit than that of the professional stock investment. One of the problems with many beginners in Nigeria is that they want to double their investment every day, but it is not how professional investment works. Purchase and hold strategy can work correctly when it comes to bitcoin but a patient is needed and profitable than day trade because day trading and intra-day trading is hazardous with cryptocurrencies. Also, don’t keep your bitcoin with an exchange, after buying from a broker like NairaEx, move your bitcoin immediately to a hardware wallet or paper wallet. However, don’t invest more than what you can afford to lose.

Written By

BTC Nigeria Editorial

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